NXT Alternative cryptocoin

3Mar 2014

Nxt is not a simple coin. Nxt is a 2nd generation, scalable cryptocurrency offering a novel method of eco-friendly mining. Nxt features are outside the scope of regular altcoins. Nxt is the first 100% Proof-of-Stake (PoS) currency. Coins are earned solely by charging transaction fees. Unlike other currencies with PoS mining, Nxt’s PoS mining does not cause monetary inflation. The total amount of Nxt in circulation is 1 billion. Nxt is resistant to +90% attacks via its transparent mining algorithm.

Nxt is not an altcoin such as litecoin, peercoin, and others who have their code based on Bitcoin’s source code are. It is brand new from scratch with its own code. Nxt utilizes a 100% proof of stake (PoS) mechanism versus the proof of work (PoW) mechanism other coins are based on. This effectively removes a security risk inherent in other coins, as the issue of a 51% attack and other vulnerabilities inherent to PoW coins become non-issues. Nxt implements a new feature called “Transparent Forging” which will allow Nxt to approach Visa/Mastercard rates of transactions. Nxt was announced six weeks in advance, unlike mere hours like altcoins usually are. The 73 original stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of their donated Bitcoin, 21 BTC total, into the genesis block.

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